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HCLTech
FormerlyHindustan Computers Limited[1]
Company typePublic
ISININE860A01027
IndustryInformation technology
Consulting
Outsourcing
Founded11 August 1976; 47 years ago (1976-08-11)[2]
FounderShiv Nadar
Headquarters,
India
Area served
Worldwide
Key people
Products
ServicesSoftware[5]
RevenueIncrease 111,408 crore (US$13 billion)[6] (2024)
Increase 20,967 crore (US$2.5 billion)[6] (2024)
Increase 16,565 crore (US$2.0 billion)[6] (2024)
Total assetsIncrease99,777 crore (US$12 billion)[6] (2024)
Total equityIncrease 68,271 crore (US$8.2 billion)[6] (2024)
OwnerShiv Nadar (60.77%)
Number of employees
227,481 (2024)[3]
ParentHCL Group
Websitewww.hcltech.com
Footnotes / references
[7]

HCL Technologies Limited, doing business as HCLTech,[8] is an Indian multinational information technology (IT) consulting company headquartered in Noida. Founded by Shiv Nadar, it was spun out in 1991 when HCL entered into the software services business. The company has offices in 60 countries and over 225,000 employees.[9]

History[edit]

Formation and early years[edit]

In 1976, a group of eight engineers, all former employees of Delhi Cloth & General Mills, led by Shiv Nadar, started a company that would make personal computers.[10][11] Initially floated as Microcomp Limited, Nadar and his team (which also included Arjun Malhotra, Ajai Chowdhry, D.S. Puri, Yogesh Vaidya and Subhash Arora) started selling teledigital calculators to gather capital for their main product. On 11 August 1976, the company was renamed Hindustan Computers Limited (HCL).[12] HCL Enterprise developed an indigenous microcomputer in 1978,[13] and a RDBMS, networking OS and client-server architecture in 1983.[14] HCL Technologies began as the R&D division of HCL Enterprise.[15]

The company originally was focused on hardware but, via HCL Technologies, software and services became the main focus.[16][17] On 12 November 1991, HCL Technologies was spun off as a separate unit,[18] being incorporated as HCL Overseas Limited, a provider of software and technology development services.[19]

In 1993, HCL also started providing enterprise IT infrastructure management services, winning an order to establish India's first floorless, electronic stock exchange for NSE.[20][21]

In July 1994, the company name was changed to HCL Consulting Limited.[22] On 6 October 1999, the company was renamed 'HCL Technologies Limited' for "a better reflection of its activities."[19]

Between 1991 and 1999, the company expanded its software development capacities to US, European and APAC markets.[19]

IPO and subsequent expansion[edit]

HCL became Manchester United's digital technology partner in 2015.

The company went public on 10 November 1999, with an issue of 142 crore (14.2 million) shares.[23] During 2000, the company set up an offshore development centre in Chennai, India, for KLA-Tencor Corporation.[23]

In 2001, HCL formed a joint venture with Deutsche Bank by acquiring a 51% stake in the latter's Indian subsidiary Deutsche Software (later renamed DSL Software).[24] In 2004, HCL bought out the remaining 49% stake in DSL Software, which then became part of HCL's banking technology division.[25]

In 2005, HCL expanded its operations in Northern Ireland. At the 2006 UK Trade and Investment India Business Awards in New Delhi, the then UK Prime Minister Tony Blair announced the expansion.[26]

In October 2017, IBM and HCL announced a strategic partnership, with the latter taking over the development of IBM Lotus Software's Notes, Domino, Sametime and Verse collaboration tools.[27]

In July 2018, US-based Actian was acquired by HCL and Sumeru Equity Partners for $330 million.[28][29]

In 2019, HCL Technologies acquired products of IBM including AppScan, BigFix, Commerce, Connections, Digital Experience (Portal and Content Manager), Notes/Domino, and Unica.[30]

In 2021, the company reached $10 billion in revenue.[31] In 2022, HCL Technologies rebranded as HCLTech.[8]

In May 2024, HCLTech decided to acquire select assets of Communications Technology Group, a business division of Hewlett Packard Enterprise (HPE), for $225 million.[32]

Acquisitions[edit]

Acquisition date Company Business Country References
29 October 2001 Apollo Contact Centre Business process outsourcing United Kingdom [33]
3 June 2002 Gulf Computers Inc. Application development United States [23]
20 February 2008 Capital Stream Inc. Business process automation United States [34]
16 July 2008 Liberata Financial Service Business process outsourcing United Kingdom [35]
25 August 2008 Control Point Solutions, Inc. Telecommunications service United States [36]
15 December 2008 Axon Group Plc. SAP Consulting United Kingdom [37]
16 July 2009 UCS Group's Enterprise Solutions SAP Practice SAP South Africa [38]
1 April 2016 Part of Volvo IT Information technology Sweden [39]
19 October 2015 Concept to Silicon Systems (C2SiS) Semiconductors India [40]
29 October 2015 PowerObjects CRM Consulting United States [41]
2016 Geometric Ltd PLM & Engineering Services India [42][43]
17 January 2017 Butler America Aerospace Engineering & Design United States [44]
25 April 2017 Urban Fulfillment Services, LLC Business Process Outsourcing United States [45]
5 September 2017 ETL Factory Limited (Datawave) Automation United Kingdom [46]
27 June 2018 H&D International Group IT and engineering services provider Germany [47][48]
9 September 2019 Sankalp Semiconductor Technology design services firm India [49]
14 January 2022 Starschema Data services company Hungary/United States [50]
9 May 2022 Confinale AG digital banking and wealth management consulting specialist Switzerland [51]
9 May 2022 Quest Informatics Industry 4.0 and internet of things India [52]
13 July 2023 ASAP Group Automotive engineering services provider Germany [53]
23 May 2024 HPE CTG Telco solutions United States [32]

Operations[edit]

Countries where HCL has offices (circa 2015).

HCLTech operates in 60 countries, including its headquarters in Noida, India. It has establishments in Australia, China, Hong Kong, India, Indonesia, Israel, Japan, Malaysia, New Zealand, Saudi Arabia, Singapore, South Africa, the United Arab Emirates, Qatar, Morocco and Sri Lanka.[54] In Europe, it covers Belgium, Bulgaria, Czech Republic, Denmark, Estonia, Romania,[55] Finland, France, Germany, Italy, Lithuania, Netherlands, Norway, Poland, Sweden, Switzerland, Portugal, and United Kingdom. In the Americas, the company has offices in Brazil, Canada, Mexico, Puerto Rico, Guatemala, and United States.

Old logo of the company which was used until 2022

HCLSoftware[edit]

In 2019, HCL Technologies started a software product division called HCLSoftware, after completing the acquisition of IBM's software tools.[56] Notable products under HCLSoftware include HCL Notes, AppScan, Connections, Commerce Cloud, Actian, BigFix, Digital Experience, Ingres, Unica, Sametime, and iNotes. HCLSoftware division had revenue of 11,109 crore (US$1.3 billion) in fiscal year 2022–23.[9]

HCL Group[edit]

HCLTech is the flagship company of the HCL Group.[57] Another HCL Group company, HCL Infosystems, was formed in 1976 to produce calculators.[58] HCL Infosystems later became one of the leading manufacturers of personal computers and laptops in India, but it eventually lost market share to foreign competitors like HP and Dell, and shut down its manufacturing division.[59]

In February 2014, HCL Group launched HCL Healthcare, which provides corporate health services.[60] HCL TalentCare is the fourth venture of HCL Group, which provided skilling and staffing services.[61]

See also[edit]

References[edit]

  1. ^ "The dark horse of the technology sector". Moneycontrol. Archived from the original on 27 December 2008. Retrieved 30 May 2024.
  2. ^ "Company History – HCL Technologies Ltd". CIOL. Archived from the original on 5 August 2016. Retrieved 23 May 2021.
  3. ^ a b "Fast Facts". HCL Technologies. 1 February 2014. Archived from the original on 14 February 2014. Retrieved 1 February 2014.
  4. ^ "HCL Tech CEO Anant Gupta quits, C Vijayakumar to succeed – The Economic Times". The Economic Times. 21 October 2016. Archived from the original on 23 October 2016.
  5. ^ YK, R. "HCL Technologies announces close of acquisition of select IBM products". livemint.com. Livemint. Retrieved 1 April 2019.
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  9. ^ a b "HCLTech's Annual Report 2022-23". HCLTech. Retrieved 30 May 2024.
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  11. ^ "HCL". 31 August 2015. Founded in 1976 as one of India's original IT garage startups ...
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  15. ^ "Heritage & Legacy". HCL. Archived from the original on 20 August 2015. Retrieved 28 August 2015.
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  17. ^ Simon Sharwood (30 October 2017). "IBM offloads Notes and Domino to India's HCL Technologies". The Register.
  18. ^ "HCL Technologies". microsoft.com. HCL Technologies Limited is an Indian multinational IT services company, headquartered in Noida, Uttar Pradesh, India. ... subsidiary of HCL Enterprise. Originally a research and development division of HCL, .. independent .. 1991 .
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  25. ^ Chandran, Bipin (20 September 2004). "Deutsche Bank to sell 49% DSL Soft stake to HCL". Business Standard. Retrieved 6 June 2024.
  26. ^ "Prime Minister Announces 600 New Jobs for Armagh and Belfast". Invest NI. 8 September 2005. Archived from the original on 15 August 2016. Retrieved 29 June 2016.
  27. ^ Simon Sharwood (30 October 2017). "IBM offloads Notes and Domino to India's HCL Technologies". The Register.
  28. ^ "HCL Tech, PE firm to buy U.S. data management firm Actian". Reuters. 12 April 2018.
  29. ^ "HCL Tech, Sumeru Equity Partners acquire $330 mn acquisition of Actian corp". Business Standard India. Press Trust of India. 18 July 2018. Retrieved 19 August 2020.
  30. ^ "HCL Technologies Announces close of Acquisition of select IBM products | HCL Technologies". www.hcltech.com. Retrieved 17 July 2019.
  31. ^ "HCL Tech Q3FY21: Revenue reaches $10 billion-mark; FY21 guidance at 2–3%". Business Today. 15 January 2021. Retrieved 23 July 2023.
  32. ^ a b "HCLTech to buy Hewlett Packard's communications tech assets for $225 million". The Economic Times. Retrieved 25 May 2024.
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External links[edit]